The company is the latest example of how the internet is replacing products with services
a CrossFit class or Bikram-yoga studio will tell you, fitness is full of fads. Few make it to the stockmarket. But on August 27th Peloton, an American firm founded in 2012, announced it had filed paperwork for an initial public offering. Peloton describes itself as a “technology fitness media design software retail product apparel experience logistics” company. Its investors reckon it could be worth $4bn.
Stripped of the aspirational jargon, the firm is in the business of selling high-tech home exercise bikes. Each bike, which costs $2,245, comes with a touchscreen, a version of Google’s Android operating system and an internet connection. For a monthly fee, users can tune into streamed exercise sessions, either live or pre-recorded, complete with leaderboards and statistics.
Exercise-bike makers used to be in the manufacturing business. But Peloton makes about 20% of revenue from subscriptions, and the share is rising. Margins here are mediocre but should improve as content-production costs are spread over more users. The shift illustrates a broader trend: thanks to the internet, industries that used to be about products are increasingly about services, too. This lets firms replace unpredictable sales with a steady stream of subscription revenue.
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